Broward County Commission Regular Meeting
Director's Name: Maribel Feliciano
Department: Economic and Small Business Development
Information
Requested Action
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MOTION TO APPROVE Greater Fort Lauderdale Alliance (hereinafter referred to as the “Alliance”) Fiscal Year 2025 quarterly performance report, for the period from April 1, 2025, through June 30, 2025, pursuant to the agreement between Broward County and the Alliance.
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Why Action is Necessary
Pursuant to the County’s agreement with the Alliance, the Alliance must submit to the Office of Economic and Small Business Development, quarterly performance reports for Board acceptance.
What Action Accomplishes
The Alliance’s submission and the Board of County Commissioners’ acceptance of the quarterly performance reports will satisfy compliance with the terms of the Agreement between the parties.
Goal Related Icon(s)
☒County Commission
☐Go Green
☐MAP Broward
Previous Action Taken
None.
Summary Explanation/Background
THE OFFICE OF ECONOMIC AND SMALL BUSINESS DEVELOPMENT RECOMMENDS APPROVAL OF THE ABOVE MOTION.
This item supports the Board of County Commissioners' Vision of “From sawgrass to seagrass, an inclusive and resilient community with a thriving quality of life”, and Goal of “Ensuring economic opportunities and a sustainable economy, with an emphasis on Broward's lower and middle class."
The Office of Economic and Small Business Development (hereinafter referred to as “OESBD”) reviewed the Fiscal Year 2025 Alliance Third Quarter Performance Report (Exhibit 1). The quarterly report has been summarized to highlight the Alliance’s achievements for the third quarter of Fiscal Year 2025. The quarterly report demonstrates the achievement of the Alliance’s overall quarterly goals. In the third quarter, notable achievements were accomplished in Number of Projects in the Pipeline, Number of Announced Projects, Dollars of Domestic Direct Capital Investment, Advertising & Social Impressions, Private Sector Dollars Investing in Economic Development, and Public/Private Mix. For the goals that were missed regarding new Domestic and International Leads, New Value-Added Jobs, Dollars of International Direct Capital Investment, Corporate Visits, Retained Jobs, Number and Dollar Value of CareerSource Partnerships, Media Value Generated, and Total Visits to the Website, a detailed explanation is provided below.
Business Attraction
The Alliance annual goal for new domestic and international leads is to develop 225 leads (175 domestic and 50 international), or 56 leads per quarter for Fiscal Year 2025. The Alliance developed 34 domestic and two international leads during the third quarter with a total of 36 leads. This represents 77% goal attainment for domestic leads and 16% goal attainment for international leads. The Alliance has additional in-person meetings and advertising outreach scheduled for the remainder of the year and anticipates meeting this objective for the year.
The Alliance goal for the number of projects in the pipeline is 20. There are currently 21 projects in the pipeline which is 105% goal attainment. The Alliance annual goal for the number of announced projects is 12, or three completed projects per quarter for Fiscal Year 2025. There were four completed projects in the third quarter, resulting in 133% goal attainment. The Alliance annual goal for new value-added jobs is 1,400, or 350 new jobs per quarter for Fiscal Year 2025. The Alliance helped companies create a total of 315 new value-added jobs during the third quarter, resulting in 90% goal attainment. This was missed primarily due to companies postponing expansion and relocation decisions due to the continued high cost of money, macro uncertainty around the global economy, the elimination of statewide incentives including the Qualified Target Industry funds and state closing funds, and the overall higher cost of living in South Florida being a concern to companies. The Alliance has additional in-person meetings and advertising outreach scheduled for the remainder of the year and anticipates meeting this objective for the year.
The Alliance annual goal for capital investment is $100 million in domestic and $4 million in international investment or $26 million in total capital investment per quarter for Fiscal Year 2025. The Alliance helped companies create a total of $100 million in domestic investment in the third quarter, resulting in 400% goal attainment in domestic investment and $0 dollar in international investment. International was missed primarily due to companies postponing expansion and relocation decisions due to the continued high cost of money, macro uncertainty around the global economy, the elimination of statewide incentives including the Qualified Target Industry funds and state closing funds, and the overall higher cost of living in South Florida being a concern to companies.
Business Retention
The Alliance annual goal for business retention and expansion is to conduct 120 corporate visits in Fiscal Year 2025 or 30 per quarter. The Alliance conducted a total of 14 visits during the third quarter, which represents 47% goal attainment. This goal is below objective in part due to losing an executive on loan from CareerSource Broward, who was focused on corporate visits for 20 years. We have now shifted responsibilities within the Alliance to continue to address the BRAVO visitation effort.
The Alliance annual goal for the number of retained jobs is 500, or 125 retained jobs per quarter for Fiscal Year 2025. There are five actual retained jobs in the third quarter, resulting in 4% goal attainment for the third quarter. This was a reflection of the fact that Florida and Broward County are being perceived as being more welcoming to businesses than many states, resulting in most companies continuing to remain in Florida/Broward County and not choosing to look at locations outside the area.
The Alliance annual goal for CareerSource Broward partnerships was 12 company partnerships for Fiscal Year 2025, or three companies per quarter, and $1,000,000 in dollar value for Fiscal Year 2025, or $250,000 per quarter. During the quarter, there was one company partnership completed, with total CareerSource Broward Partnerships valued at $164,000 for the period. This represents 66% attainment in the partnerships value for the quarter. This was missed primarily due to companies postponing expansion and relocation decisions due to the continued high cost of money, macro uncertainty around the global economy, the elimination of statewide incentives including the Qualified Target Industry funds and state closing funds, and the overall higher cost of living in South Florida being a concern to companies. The Alliance has additional in-person meetings and advertising outreach scheduled for the remainder of the year and anticipates meeting this objective for the year.
Marketing and Communications
The Alliance annual goal for advertising and social impressions generated is 10,000,000 or 2,500,000 per quarter for Fiscal Year 2025. In the third quarter, advertising and social impressions generated totaled 16,119,097, which represents 645% goal attainment.
The Alliance annual goal for the total number of website visits is 165,000 or 41,250 per quarter. In the third quarter, the total number of visits was 29,476, which represents 71% goal attainment. This was missed, due to a significant portion of the Alliance’s advertising campaign being placed on hold. It is anticipated that as the year progresses and additional advertising rolls out, this will lead to additional visits to the website, and this objective will be met.
The Alliance annual goal for media value generated is $400,000 or $100,000 per quarter for Fiscal Year 2025. In the third quarter, the media value generated was $79,413, which represents 79% goal attainment for the quarter. This was missed, due to a significant portion of the Alliance’s advertising campaign being placed on hold. It is anticipated that as the year progresses and additional advertising rolls out, this will lead to additional visits to the website, and this objective will be met.
Financial Support
The Alliance annual goal for private sector dollars investing in economic development is $2,924,061 or $731,015 per quarter. In the third quarter, private sector dollars invested in economic development was $1,101,504 which represents 151% goal attainment for the quarter. The Alliance annual goal for Public/private mix is $1.00: $1.50 for the year and the quarter. In the third quarter, the public/private mix was $1: $2.03, which represents 135% goal attainment.
OESBD reviewed the Fiscal Year 2025 Alliance Third Quarter Performance Report and recommends approval.
Source of Additional Information
Maribel Feliciano, Director OESBD, (954) 357-6400.
Fiscal Impact
Fiscal Impact/Cost Summary
None.